Thank you, Mr. Shory, for that excellent question.
The Prime Minister has made India one of his priority markets and has asked me to focus on it. We are now negotiating a comprehensive economic partnership agreement with India. It is a huge opportunity for Canada. Our current bilateral trade is something on the order of $5 billion a year. When you look at that compared with the size of the population of India, I think we would all agree that we can do much better. This is a unique opportunity for Canada to deepen that trade relationship by negotiating a trade agreement with India.
It's not only trade. Canada and India have concluded negotiations on a foreign investment promotion and protection agreement. Why is that important? When Canadians look to India to invest, they see an unfamiliar legal environment, an unfamiliar regulatory environment, and an unfamiliar business environment. Some of them might not be willing to enter the market unless there's additional predictability introduced. That's what FIPPA does. It sets out a common set of rules under which Canadian investments are made in India, together with Indian investments in Canada. At the same time, it sets out a clear set of rules under which disputes are resolved. This is often a concern. If I go and invest in another country like India, and I get into a dispute, am I going to be treated fairly? That's what the foreign investment promotion and protection agreement does. It sets out a clear set of rules, takes the dispute resolution out of the domestic context, and resolves it at the international level.
We are also finalizing negotiations on amendments to a nuclear cooperation agreement. We're finalizing negotiations on a social security agreement. These are all agreements that are intended to deepen our engagement with this amazing country that is likely to become the most populous in the world within the next decade.